More than 30 million Americans deal with diabetes on a daily basis. That means millions of people are in critical need of life-saving synthetic insulin their bodies can’t produce on their own. The problem? Between 2002 and 2014, the cost for this irreplaceable drug increased by 64%. What’s causing this dramatic spike and how can you offset these high costs? Let’s find out!
So What’s The Issue?
The culprits for these soaring insulin costs? Well, there are two main causes. The first is constantly changing patents on the product itself. Every time a pharmaceutical company tweaks its formula, it needs to go through several rounds of approval before it can reach the market. The parent company needs to balance out the costs somehow so the price of insulin goes up. Another factor at play here? The middlemen that work between the patients and the drug companies tend to jack up the prices to increase their profits.
How to Get Around These Rising Costs
Seek Out Patient Prescription Assistance Programs
Many drug companies and charitable organizations are coming out to help patients pay for their life-saving prescriptions easier. You’ll have to fill out some paperwork to prove you’re in need but once the forms are completed, many patients can get their medications for as low as $0 a month!
Ask Your Doctor To Write You A Prescription For An Older Formulation
Older versions of insulin are still sold at places like Walmart and Sam’s Club for patients who are under or uninsured or who otherwise can’t afford their medicines. See if you’re doctor can write you a prescription for one instead of the costly version.
Try Offsetting The Cost By Saving Money On Other Supplies
To combat these rising costs, many companies are hitting the market that provides low-cost options for diabetic testing supplies. TestStripBuyers is an option for selling surplus testing strips in their original unopened boxes for extra cash and other options exist for getting the products you need at prices you can afford!